Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Jacob has 7 years of professional buy-side experience in real estate investment and listed equities.  Jacob worked as a portfolio manager/analyst in Global Listed Real Estate team in AMP Capital and Macquarie Asset Management.  Prior to that, Jacob has spent 5 years in APG asset management, in the listed real estate team.  As one of the largest RE funds in Asia, he co-managed EUR6bn investment portfolio with the team with a focus on Hong Kong and China property.  He led the USD200m cornerstone investment in Wanda Commercial Properties IPO (the largest mall operator and developer in China).  Prior to this, Jacob has 3 years of experience in investment banking in Bank of America Merrill Lynch, covering equity, debt and M&A transactions across real estate, consumer& retail and TMT sectors.  Jacob specializes in fundamental bottom up research.  Aside from work, Jacob has a personal interest in spirituality and personal development.  He practiced meditation and has published a book about meaning of life in 2016.

Listed Real Estate Asia

Deep Dive on Hong Kong Macro-Economics: The Equity Market, IPOs, Stock/Wealth Connect and the Future

Short Note: What’s Happening to the Chinese Stocks and China Macro?

Short Note: US Rate Pause, China Stimulus, and the HK Rebound

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

Henderson Land Development / Equity Bottom-Up

<ul>
<li>Henderson Land is one of the largest RE developers in Hong Kong, with investment properties portfolio in Central, as well as HK DP, China DP and IP.</li>
<li>Major share price drivers include (1) farmland conversion in Hong Kong (2) US rate hike as it has the second highest gearing among HK real estate companies</li>
<li>However, we see limited catalysts and therefore limited re-rating potential, thus bearish on the stock.</li>
</ul>


Henderson Land is one of the largest RE developers in Hong Kong, with investment properties portfolio in Central, as well as HK DP, China DP and IP.
Major share price drivers include (1) farmland conversion in Hong Kong (2) US rate hike as it has the second highest gearing among HK real estate companies
However, we see limited catalysts and therefore limited re-rating potential, thus bearish on the stock.


Henderson Land 12 HK – a Play on Farmland Conversion and Leveraged Developer - Bearish